Delaware | 001-36272 | 37-1744899 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1450 Centrepark Boulevard Suite 210 West Palm Beach, Florida | 33401 |
(Address of principal executive offices) | (Zip Code) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company o |
PLATFORM SPECIALTY PRODUCTS CORPORATION | ||
(Registrant) | ||
February 27, 2018 | /s/ John P. Connolly | |
(Date) | John P. Connolly | |
Chief Financial Officer |
Exhibit Number | Exhibit Title |
99.1 | Press release dated February 27, 2018 relating to Platform's financial results for the three and twelve months ended December 31, 2017 (furnished only). |
• | 2017 net sales of $3.8 billion, an increase of 5%; record net sales of $1.1 billion in Q4 2017, an increase of 12% on a reported basis or 9% on an organic basis |
• | FY and Q4 2017 GAAP fully diluted loss per share of $1.04 and $0.49, respectively |
• | 2017 reported net loss attributable to common stockholders of $296 million |
• | 2017 Adjusted EBITDA of $821 million, an increase of 7% |
• | Increased 2018 Adjusted EBITDA guidance range of $870 million to $900 million |
• | Net sales on a reported basis for the fourth quarter of 2017 were $1.1 billion, an increase of 12% over the prior fourth quarter period. Organic sales, which excludes the impact of currency changes, certain metal prices, acquisitions and/ or divestitures, increased 9%. |
◦ | MacDermid Performance Solutions (the Performance Solutions segment): net sales increased 7% to $489 million. Organic sales increased 4%. |
◦ | Arysta LifeScience (the Agricultural Solutions segment): net sales increased 18% to $580 million. Organic sales increased 15%. |
• | Fourth quarter 2017 earnings per share performance: |
◦ | GAAP fully diluted loss per share in the fourth quarter of 2017 was $0.49, as compared to a loss of $0.01 in the fourth quarter of 2016. |
◦ | Adjusted earnings per share in the fourth quarter of 2017 was $0.23, an improvement of $0.03 per share, or 15%. |
• | Reported net loss attributable to common stockholders for the fourth quarter of 2017 was $142 million, as compared to a loss of $2 million for the fourth quarter of 2016. |
• | Adjusted EBITDA for the fourth quarter of 2017 was $226 million, an increase of 4%. On a constant currency basis, adjusted EBITDA increased 1%. |
◦ | MacDermid Performance Solutions: Adjusted EBITDA was $112 million, an increase of 1%. On a constant currency basis, adjusted EBITDA decreased 2%. |
◦ | Arysta LifeScience: Adjusted EBITDA was $114 million, an increase of 6%. On a constant currency basis, adjusted EBITDA increased 5%. |
◦ | Adjusted EBITDA margin for the combined company decreased by 190 basis points to 21%. On a constant currency basis, adjusted EBITDA margin decreased by 170 basis points. |
• | Net sales on a reported basis for the full year 2017 were $3.8 billion, an increase of 5% over the prior full year period. Organic sales increased 4%. |
◦ | MacDermid Performance Solutions (the Performance Solutions segment): net sales increased 6% to $1.9 billion. Organic sales increased 4%. |
◦ | Arysta LifeScience (the Agricultural Solutions segment): net sales increased 4% to $1.9 billion. Organic sales increased 3%. |
• | 2017 earnings per share performance: |
◦ | GAAP fully diluted loss per share in 2017 was $1.04, as compared to a loss of $0.65 in 2016. |
◦ | Adjusted earnings per share in 2017 was $0.76, an improvement of $0.13 per share, or 21%. |
• | Reported net loss attributable to common stockholders for the full year 2017 was $296 million, compared to a net loss of $41 million in 2016. |
• | Adjusted EBITDA in 2017 was $821 million, an increase of 7%. On a constant currency basis, adjusted EBITDA increased 7%. |
◦ | MacDermid Performance Solutions: Adjusted EBITDA was $433 million, an increase of 8%. On a constant currency basis, adjusted EBITDA increased 8%. |
◦ | Arysta LifeScience: Adjusted EBITDA was $388 million, an increase of 5%. On a constant currency basis, adjusted EBITDA increased 6%. |
◦ | Adjusted EBITDA margin for the combined company improved by 20 basis points to 22%. On a constant currency basis, adjusted EBITDA margin improved by 50 basis points. |
• | Additional cost synergies of $18 million were achieved in 2017 from the ongoing integrations within the Performance Solutions segment. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
(in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Net sales | $ | 1,068.7 | $ | 950.0 | $ | 3,775.9 | $ | 3,585.9 | |||||||
Cost of sales | 629.1 | 554.1 | 2,186.9 | 2,078.2 | |||||||||||
Gross profit | 439.6 | 395.9 | 1,589.0 | 1,507.7 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, technical, general and administrative | 303.2 | 299.8 | 1,109.3 | 1,123.3 | |||||||||||
Research and development | 28.3 | 23.1 | 98.4 | 84.4 | |||||||||||
Goodwill impairment | 160.0 | 46.6 | 160.0 | 46.6 | |||||||||||
Total operating expenses | 491.5 | 369.5 | 1,367.7 | 1,254.3 | |||||||||||
Operating (loss) profit | (51.9 | ) | 26.4 | 221.3 | 253.4 | ||||||||||
Other (expense) income: | |||||||||||||||
Interest expense, net | (81.6 | ) | (86.0 | ) | (341.6 | ) | (375.7 | ) | |||||||
Foreign exchange (loss) gain | (10.1 | ) | 42.4 | (107.5 | ) | (14.1 | ) | ||||||||
Other (expense) income, net | (62.8 | ) | (20.0 | ) | (61.2 | ) | 88.3 | ||||||||
Total other expense | (154.5 | ) | (63.6 | ) | (510.3 | ) | (301.5 | ) | |||||||
Loss before income taxes and non-controlling interests | (206.4 | ) | (37.2 | ) | (289.0 | ) | (48.1 | ) | |||||||
Income tax benefit (expense) | 60.7 | 37.1 | (6.6 | ) | (28.6 | ) | |||||||||
Net loss | (145.7 | ) | (0.1 | ) | (295.6 | ) | (76.7 | ) | |||||||
Net (income) loss attributable to the non-controlling interests | 4.2 | (1.7 | ) | (0.6 | ) | 3.0 | |||||||||
Net loss attributable to stockholders | (141.5 | ) | (1.8 | ) | (296.2 | ) | (73.7 | ) | |||||||
Gain on amendment of Series B Convertible Preferred Stock | — | — | — | 32.9 | |||||||||||
Net loss attributable to common stockholders | $ | (141.5 | ) | $ | (1.8 | ) | $ | (296.2 | ) | $ | (40.8 | ) | |||
Loss per share attributable to common stockholders | |||||||||||||||
Basic | $ | (0.49 | ) | $ | (0.01 | ) | $ | (1.04 | ) | $ | (0.17 | ) | |||
Diluted | $ | (0.49 | ) | $ | (0.01 | ) | $ | (1.04 | ) | $ | (0.65 | ) | |||
Weighted average common shares outstanding | |||||||||||||||
Basic | 287.2 | 279.7 | 286.1 | 243.3 | |||||||||||
Diluted | 287.4 | 287.5 | 286.1 | 272.3 |
December 31, | December 31, | ||||||
(in millions) | 2017 | 2016 | |||||
Assets | |||||||
Cash & cash equivalents | $ | 477.8 | $ | 422.6 | |||
Accounts receivable, net | 1,156.0 | 1,054.8 | |||||
Inventories | 490.4 | 416.4 | |||||
Prepaid expenses | 42.8 | 71.3 | |||||
Other current assets | 173.6 | 106.1 | |||||
Total current assets | 2,340.6 | 2,071.2 | |||||
Property, plant & equipment, net | 452.3 | 460.5 | |||||
Goodwill | 4,201.2 | 4,178.9 | |||||
Intangible assets, net | 3,137.3 | 3,233.3 | |||||
Other assets | 121.0 | 110.2 | |||||
Total assets | $ | 10,252.4 | $ | 10,054.1 | |||
Liabilities & stockholders' equity | |||||||
Accounts payable | $ | 461.8 | $ | 383.6 | |||
Current installments of long-term debt and revolving credit facilities | 38.9 | 116.1 | |||||
Accrued expenses and other current liabilities | 591.1 | 583.0 | |||||
Total current liabilities | 1,091.8 | 1,082.7 | |||||
Debt and capital lease obligations | 5,440.6 | 5,122.9 | |||||
Pension and post-retirement benefits | 69.0 | 73.8 | |||||
Deferred income taxes | 579.6 | 663.2 | |||||
Contingent consideration | 79.2 | 75.8 | |||||
Other liabilities | 132.2 | 145.9 | |||||
Total liabilities | 7,392.4 | 7,164.3 | |||||
Commitments and contingencies | |||||||
Stockholders' equity | |||||||
Preferred stock - Series A | — | — | |||||
Common stock, 400.0 shares authorized (2017: 287.4 shares issued; 2016: 284.2 shares issued) | 2.9 | 2.8 | |||||
Treasury stock (2017: 0.0 shares; 2016: 0.0 shares) | (0.1 | ) | — | ||||
Additional paid-in capital | 4,032.0 | 3,981.3 | |||||
Accumulated deficit | (869.7 | ) | (573.5 | ) | |||
Accumulated other comprehensive loss | (422.0 | ) | (674.5 | ) | |||
Total stockholders' equity | 2,743.1 | 2,736.1 | |||||
Non-controlling interests | 116.9 | 153.7 | |||||
Total equity | 2,860.0 | 2,889.8 | |||||
Total liabilities and stockholders' equity | $ | 10,252.4 | $ | 10,054.1 |
2017 | 2016 | ||||||||||||||||||||||||
(in millions) | Q1 | Q2 | Q3 | Q4 | FY | FY | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||
Net loss | $ | (23.6 | ) | $ | (60.0 | ) | $ | (66.3 | ) | $ | (145.7 | ) | $ | (295.6 | ) | $ | (76.7 | ) | |||||||
Reconciliations of net loss to net cash flows (used in) provided by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 85.9 | 87.0 | 92.5 | 88.8 | 354.2 | 342.3 | |||||||||||||||||||
Deferred income taxes | (14.2 | ) | (5.7 | ) | (17.3 | ) | (89.4 | ) | (126.6 | ) | (57.4 | ) | |||||||||||||
Amortization of inventory step-up | — | — | — | — | — | 11.7 | |||||||||||||||||||
Foreign exchange loss | 13.7 | 56.5 | 39.3 | 4.5 | 114.0 | 43.8 | |||||||||||||||||||
Goodwill impairment | — | — | — | 160.0 | 160.0 | 46.6 | |||||||||||||||||||
Gain on settlement agreement related to Series B Convertible Preferred Stock | — | — | — | — | — | (103.0 | ) | ||||||||||||||||||
Other, net | 12.8 | 28.4 | 10.7 | 38.0 | 89.9 | 85.2 | |||||||||||||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||||||||||||||||
Accounts receivable | (120.1 | ) | 25.3 | 60.2 | (18.5 | ) | (53.1 | ) | (18.9 | ) | |||||||||||||||
Inventory | (83.9 | ) | (2.6 | ) | (13.2 | ) | 69.4 | (30.3 | ) | 70.4 | |||||||||||||||
Accounts payable | 32.9 | 8.2 | (10.9 | ) | 19.6 | 49.8 | (67.3 | ) | |||||||||||||||||
Accrued expenses | (15.9 | ) | 1.2 | 19.4 | (13.9 | ) | (9.2 | ) | 25.4 | ||||||||||||||||
Prepaid expenses and other current assets | (2.1 | ) | (20.1 | ) | 7.1 | (11.9 | ) | (27.0 | ) | (0.4 | ) | ||||||||||||||
Other assets and liabilities | (5.9 | ) | (11.0 | ) | (24.8 | ) | (2.3 | ) | (44.0 | ) | (116.9 | ) | |||||||||||||
Net cash flows (used in) provided by operating activities | (120.4 | ) | 107.2 | 96.7 | 98.6 | 182.1 | 184.8 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Capital expenditures | (14.9 | ) | (13.8 | ) | (12.7 | ) | (18.0 | ) | (59.4 | ) | (56.3 | ) | |||||||||||||
Investment in registrations of products | (12.9 | ) | (5.2 | ) | (7.7 | ) | (14.7 | ) | (40.5 | ) | (36.4 | ) | |||||||||||||
Proceeds from disposal of property, plant and equipment | 4.0 | — | 10.3 | 3.2 | 17.5 | 20.6 | |||||||||||||||||||
Acquisition of business, net of cash acquired | — | (0.3 | ) | — | (0.2 | ) | (0.5 | ) | 1.3 | ||||||||||||||||
Restricted cash | — | (0.2 | ) | (16.3 | ) | 11.3 | (5.2 | ) | (0.5 | ) | |||||||||||||||
Other, net | (1.6 | ) | (3.1 | ) | 1.1 | (0.9 | ) | (4.5 | ) | (3.4 | ) | ||||||||||||||
Net cash flows used in investing activities | (25.4 | ) | (22.6 | ) | (25.3 | ) | (19.3 | ) | (92.6 | ) | (74.7 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Debt proceeds (payments), net of discount and premium | — | 1,927.6 | (0.3 | ) | 2,215.4 | 4,142.7 | 3,300.9 | ||||||||||||||||||
Repayments of borrowings | (9.0 | ) | (1,937.7 | ) | (8.8 | ) | (2,166.6 | ) | (4,122.1 | ) | (3,340.1 | ) | |||||||||||||
Change in lines of credit, net | 89.0 | (19.1 | ) | (100.2 | ) | (28.5 | ) | (58.8 | ) | 54.0 | |||||||||||||||
Proceeds from issuance of common stock, net | — | — | 0.9 | 0.5 | 1.4 | 391.5 | |||||||||||||||||||
Change in on-balance sheet factoring arrangements | 6.0 | (0.9 | ) | (7.0 | ) | (1.6 | ) | (3.5 | ) | (44.1 | ) | ||||||||||||||
Payment of financing fees | — | (0.5 | ) | — | (13.3 | ) | (13.8 | ) | (1.1 | ) | |||||||||||||||
Settlement of Series B Convertible Preferred Stock | — | — | — | — | — | (460.0 | ) | ||||||||||||||||||
Other, net | (6.0 | ) | (2.1 | ) | (1.2 | ) | (4.0 | ) | (13.3 | ) | (3.3 | ) | |||||||||||||
Net cash flows provided by (used in) financing activities | 80.0 | (32.7 | ) | (116.6 | ) | 1.9 | (67.4 | ) | (102.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 9.6 | 8.8 | 9.0 | 5.7 | 33.1 | (17.5 | ) | ||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (56.2 | ) | 60.7 | (36.2 | ) | 86.9 | 55.2 | (9.6 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 422.6 | 366.4 | 427.1 | 390.9 | 422.6 | 432.2 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 366.4 | $ | 427.1 | $ | 390.9 | $ | 477.8 | $ | 477.8 | $ | 422.6 | |||||||||||||
Supplemental disclosure information: | |||||||||||||||||||||||||
Cash paid for interest | $ | 93.4 | $ | 69.9 | $ | 90.5 | $ | 69.0 | $ | 322.8 | $ | 360.1 | |||||||||||||
Cash paid for income taxes | $ | 42.6 | $ | 41.6 | $ | 23.6 | $ | 37.2 | $ | 145.0 | $ | 121.2 |
I. UNAUDITED SEGMENT RESULTS | |||||||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||
($ amounts in millions) | 2017 | 2016 | Reported | Constant Currency | Organic | 2017 | 2016 | Reported | Constant Currency | Organic | |||||||||||||||||
Net Sales | |||||||||||||||||||||||||||
Performance Solutions | $ | 488.6 | $ | 457.2 | 7% | 3% | 4% | $ | 1,878.6 | $ | 1,770.1 | 6% | 6% | 4% | |||||||||||||
Agricultural Solutions | 580.1 | 492.8 | 18% | 15% | 15% | 1,897.3 | 1,815.8 | 4% | 3% | 3% | |||||||||||||||||
Total | $ | 1,068.7 | $ | 950.0 | 12% | 9% | 9% | $ | 3,775.9 | $ | 3,585.9 | 5% | 4% | 4% | |||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||||||
Performance Solutions | $ | 112.2 | $ | 110.6 | 1% | (2%) | $ | 432.7 | $ | 401.3 | 8% | 8% | |||||||||||||||
Agricultural Solutions | 113.8 | 107.5 | 6% | 5% | 388.2 | 368.2 | 5% | 6% | |||||||||||||||||||
Total | $ | 226.0 | $ | 218.1 | 4% | 1% | $ | 820.9 | $ | 769.5 | 7% | 7% | |||||||||||||||
Adjusted EBITDA excluding corporate costs | |||||||||||||||||||||||||||
Performance Solutions | $ | 120.8 | $ | 118.9 | 2% | (2%) | $ | 464.1 | $ | 434.1 | 7% | 7% | |||||||||||||||
Agricultural Solutions | $ | 122.4 | $ | 116.0 | 6% | 4% | $ | 419.6 | $ | 401.1 | 5% | 5% |
Three Months Ended December 31, | Constant Currency | Twelve Months Ended December 31, | Constant Currency | ||||||||||||||||
($ amounts in millions) | 2017 | 2016 | Change | 2017 | Change | 2017 | 2016 | Change | 2017 | Change | |||||||||
Adjusted EBITDA Margin | |||||||||||||||||||
Performance Solutions | 23.0% | 24.2% | (120)bps | 22.9% | (130)bps | 23.0% | 22.7% | 30bps | 23.1% | 40bps | |||||||||
Agricultural Solutions | 19.6% | 21.8% | (220)bps | 19.9% | (190)bps | 20.5% | 20.3% | 20bps | 20.8% | 50bps | |||||||||
Total | 21.1% | 23.0% | (190)bps | 21.3% | (170)bps | 21.7% | 21.5% | 20bps | 22.0% | 50bps | |||||||||
Adjusted EBITDA Margin excluding corporate costs | |||||||||||||||||||
Performance Solutions | 24.7% | 26.0% | (130)bps | 24.8% | (120)bps | 24.7% | 24.5% | 20bps | 24.8% | 30bps | |||||||||
Agricultural Solutions | 21.1% | 23.5% | (240)bps | 21.4% | (210)bps | 22.1% | 22.1% | — | 22.5% | 40bps |
II. UNAUDITED CAPITAL STRUCTURE | |||||||||
(in millions) | Maturity | Coupon | December 31, 2017 | ||||||
Instrument | |||||||||
Corporate Revolver ($500M) | 6/7/2019 | $ | — | ||||||
Term Loan B6 - USD | (1) (2) | 6/7/2023 | L + 300 | 1,135.3 | |||||
Term Loan B7 - USD | (1) | 6/7/2020 | L + 250 | 630.3 | |||||
Term Loan C5 - EUR | (1) (2) | 6/7/2023 | E + 275 | 719.1 | |||||
Term Loan C6 - EUR | (1) | 6/7/2020 | E + 250 | 700.5 | |||||
Other Secured Debt | 14.7 | ||||||||
Total First Lien Debt | 3,199.9 | ||||||||
Senior Notes - USD | 12/1/2025 | 5.875% | 800.0 | ||||||
Senior Notes - USD | 2/1/2022 | 6.5% | 1,100.0 | ||||||
Senior Notes - EUR | 2/1/2023 | 6.0% | 419.9 | ||||||
Other Unsecured Debt | 28.5 | ||||||||
Total Unsecured Debt | 2,348.4 | ||||||||
Total Debt | 5,548.3 | ||||||||
Cash Balance as of 12/31/17 | 477.8 | ||||||||
Net Debt | $ | 5,070.5 | |||||||
Adjusted Shares Outstanding | (3) | 299.9 | |||||||
Market Capitalization | (4) | 2,975.0 | |||||||
Total Capitalization | $ | 8,045.5 |
(1) | Platform swapped certain of its floating term loans to fixed rate including $1.14 billion of its USD tranches and €279 million of its Euro tranches. At December 31, 2017, approximately 31% of Platform's debt was floating and 69% was fixed. |
(2) | These term loans mature on June 7, 2023, provided that the Company prepays, redeems or otherwise retires and/or refinances in full its 6.50% USD Senior Notes due 2022, as permitted under its Amended and Restated Credit Agreement, on or prior to November 2, 2021, otherwise the maturity reverts to November 2, 2021. |
(3) | See "Non-GAAP Adjusted Shares at December 31, 2017 and 2016 (Unaudited)" following the Adjusted Earnings Per Share reconciliation table. |
(4) | Based on Platform's closing price of $9.92 at December 29, 2017, the last trading day of 2017. |
III. SELECTED FINANCIAL DATA | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | |||||||||||
Interest Expense | $ | 83.0 | $ | 86.6 | $ | 345.5 | $ | 380.9 | |||||||
Interest Paid | 69.0 | 74.0 | 322.8 | 360.1 | |||||||||||
Income Tax Expense | (60.7 | ) | (37.1 | ) | 6.6 | 28.6 | |||||||||
Income Taxes Paid | 37.2 | 35.5 | 145.0 | 121.2 | |||||||||||
Capital Expenditures | 18.0 | 23.5 | 59.4 | 56.3 | |||||||||||
Investment in Registrations of Products | 14.7 | 14.0 | 40.5 | 36.4 | |||||||||||
Proceeds from disposal of property, plant and equipment (*) | 3.2 | 0.1 | 17.5 | 12.6 |
(*) | Twelve months ended December 31, 2016 adjusted to exclude a $8.0 million impact for proceeds received in connection with the disposition of a joint venture. |
Three Months Ended December 31, 2017 | ||||||||||||
Reported Net Sales Growth | Impact of Currency | Constant Currency | Metals | Acquisitions | Organic Sales Growth | |||||||
Performance Solutions | 7% | (4)% | 3% | —% | —% | 4% | ||||||
Agricultural Solutions | 18% | (3)% | 15% | —% | —% | 15% | ||||||
Total | 12% | (3)% | 9% | —% | —% | 9% |
Twelve Months Ended December 31, 2017 | ||||||||||||
Reported Net Sales Growth | Impact of Currency | Constant Currency | Metals | Acquisitions | Organic Sales Growth | |||||||
Performance Solutions | 6% | —% | 6% | (1)% | —% | 4% | ||||||
Agricultural Solutions | 4% | (2)% | 3% | —% | —% | 3% | ||||||
Total | 5% | (1)% | 4% | (1)% | —% | 4% |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
(amounts in millions, except per share amounts) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net loss attributable to common stockholders | $ | (141.5 | ) | $ | (1.8 | ) | $ | (296.2 | ) | $ | (40.8 | ) | ||||
Reversal of amortization expense | (1) | 68.9 | 68.2 | 275.9 | 267.3 | |||||||||||
Adjustment for investment in registration of products | (1) | (14.7 | ) | (14.0 | ) | (40.5 | ) | (36.4 | ) | |||||||
Restructuring expense | (2) | 9.8 | 11.6 | 30.8 | 31.1 | |||||||||||
Amortization of inventory step-up | (3) | — | — | — | 11.7 | |||||||||||
Acquisition and integration costs | (4) | 0.3 | 6.0 | 4.8 | 33.4 | |||||||||||
Non-cash change in fair value of contingent consideration | (5) | 0.2 | 0.8 | 3.4 | 5.1 | |||||||||||
Legal settlements | (6) | (0.2 | ) | — | (10.8 | ) | (2.8 | ) | ||||||||
Foreign exchange loss (gain) on foreign denominated external and internal long-term debt | (7) | 7.1 | (24.8 | ) | 102.5 | 33.9 | ||||||||||
Debt refinancing costs | (8) | 68.5 | 19.7 | 83.2 | 19.7 | |||||||||||
Goodwill impairment | (9) | 160.0 | 46.6 | 160.0 | 46.6 | |||||||||||
Gain on settlement agreement related to Series B Convertible Preferred Stock | (10) | — | — | — | (103.0 | ) | ||||||||||
Non-cash change in fair value of preferred stock redemption liability | (10) | — | 11.0 | — | 5.0 | |||||||||||
Costs related to Proposed Separation | (11) | 2.9 | — | 12.1 | — | |||||||||||
Pension plan settlement and curtailment | (12) | 10.5 | 1.8 | 10.5 | 1.8 | |||||||||||
Other, net | (13) | 2.9 | 9.2 | 17.6 | 17.1 | |||||||||||
Tax effect of pre-tax non-GAAP adjustments | (14) | (110.7 | ) | (47.6 | ) | (227.3 | ) | (115.7 | ) | |||||||
Adjustment to estimated effective tax rate | (14) | 11.6 | (24.1 | ) | 107.7 | 45.5 | ||||||||||
Gain on amendment of Series B Convertible Preferred Stock | (10) | — | — | — | (32.9 | ) | ||||||||||
Adjustment to reverse loss attributable to certain non-controlling interests | (15) | (8.0 | ) | (1.7 | ) | (5.4 | ) | (10.1 | ) | |||||||
Adjusted net income attributable to common stockholders | $ | 67.6 | $ | 60.9 | $ | 228.3 | $ | 176.5 | ||||||||
Adjusted earnings per share | (16) | $ | 0.23 | $ | 0.20 | $ | 0.76 | $ | 0.63 | |||||||
Adjusted common shares outstanding | (16) | 299.9 | 298.6 | 300.2 | 282.3 |
(1) | The Company eliminates amortization expense associated with (i) intangible assets recognized in purchase accounting for acquisitions and (ii) costs capitalized in connection with obtaining regulatory approval of its products ("registration rights") as part of its ongoing operations, and deducts capital expenditures associated with obtaining these registration rights. The Company believes these adjustments provide insight with respect to the cash flows necessary to maintain and enhance its product portfolio. |
(2) | Adjusted for costs related to the restructuring of acquired businesses within both the Agricultural Solutions and Performance Solutions segments. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(3) | Adjustment for purchase accounting fair value adjustment to inventory associated with the acquisitions of Alent plc and OMG Electronic Chemicals (M) Sdn Bhd, charged to cost of sales. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(4) | The Company adjusts for costs associated with acquisitions, including costs of obtaining related financing such as investment banking, legal, and accounting fees, and transfer taxes in 2017 and 2016. 2016 adjustments also included costs associated with a closed investigation related to certain past business practices of Arysta LifeScience Limited and an acquisition as well as costs related to the integration of acquisitions. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(5) | The Company adjusts for the change in fair value of the contingent consideration related to the acquisition of MacDermid, Incorporated (the "MacDermid Acquisition"). The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(6) | The Company adjusts for certain legal settlements that are not considered to be reflective of ongoing operations, including the adjustment related to a 2017 settlement agreement between MacDermid Printing Solutions LLC (now known as MacDermid Graphics Solutions LLC) and E.I. du Pont de Nemours and Company (now known as DowDuPont Inc.) which resulted in a net gain in 2017 of $10.8 million. |
(7) | The Company adjusts for foreign exchanges gains and losses on long-term external and internal debt because the period-to-period movement of these currencies are out of its control, are expected to offset on a long-term basis, and, due to their long-term nature, are not fully realized. |
(8) | The Company adjusts for costs related to its senior note and term debt refinancings because they are not considered to be reflective of ongoing operations. These refinancings consisted of (i) $74.4 million related to the write-off of deferred financing fees and original issuance premiums and discounts, and $8.8 million of debt issuance costs, each in 2017, and (ii) $11.3 million related to the write-off of deferred financing fees and original issuance discounts, and $8.4 million of debt issuance costs in 2016. |
(10) | The Company accounted for a settlement agreement amending its Series B Convertible Preferred Stock and, as a result, recognized gains in net income of $103 million and income available to common stockholders of $32.9 million related to this amendment. Further, the Company recognized a full-year net loss of $5.0 million related to the adjustment of the Series B Convertible Preferred Stock to fair value subsequent to this amendment. The Company adjusted these gains and losses because they are not considered to be representative of ongoing operations. These gains and losses were included in income available to common stockholders for the computation of GAAP basic earnings per share; however, they were excluded for the calculation of GAAP diluted earnings per share. |
(11) | The Company adjusts for costs related to the proposed separation of its businesses (the "Proposed Separation"), which we expect to complete in 2018. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(12) | The Company adjusts for costs related to pension plan settlements and curtailments. 2017 adjustments related primarily to the settlement of the Company's pension obligation in the United Kingdom. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(13) | 2017 adjustments include non-recurring senior executive severance and costs associated with non-recourse factoring programs that are not included in interest expense. 2016 adjustments primarily corresponded to the write down of certain fixed assets that were subsequently disposed of, as gain on the disposal of an equity investment as well as costs associated with non-recourse factoring programs that are not included in interest expense. The Company adjusts these costs because they are not considered to be reflective of ongoing operations or are considered to be part of its capital structure. |
(14) | The Company adjusts its effective tax rate to 35%. This adjustment does not reflect the Company’s current or near-term tax structure, including limitations on its ability to utilize net operating losses and foreign tax credits in certain jurisdictions. These factors significantly increase the Company's effective tax rate from 35%. As a result of current tax structure, the Company’s effective tax rate in accordance with GAAP was (29.4)% and 2.3% for the three and twelve months ended December 31, 2017, respectively. The Company also applies an effective tax rate of 35% to pre-tax non-GAAP adjustments. The Company adjusts the effective tax rate because it believes it provides a meaningful comparison of its performance between periods. |
(15) | The Company adjusts for the loss or income attributable to non-controlling interest created at the time of the MacDermid Acquisition because holders of such equity interest are expected to convert their holdings into shares of Platform's common stock. Further, the Company adjusts for the impact goodwill impairments or divestitures have on non-controlling interests. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(16) | The Company defines "Adjusted common shares" as the outstanding shares of Platform's common stock at December 31, 2017 or 2016, as applicable, plus the number of shares that would be issued if all convertible stock was converted into Platform's common stock, stock options were vested and exercised, and awarded equity grants were vested as of December 31, 2017 or 2016, as applicable. The Company adjusts the number of outstanding shares of Platform's common stock for this calculation to provide an understanding of the Company’s results of operations on a per share basis. |
2017 | 2016 | ||||||||||
(amounts in millions) | Q4 | FY Average | Q4 | FY Average | |||||||
Basic outstanding common shares | 287.4 | 286.6 | 284.2 | 255.4 | |||||||
Number of shares issuable upon conversion of Series B Convertible Preferred Stock | — | — | — | 16.6 | |||||||
Number of shares issuable upon conversion of PDH Common Stock | 4.8 | 5.5 | 7.7 | 7.9 | |||||||
Number of shares issuable upon conversion of Series A Preferred Stock | 2.0 | 2.0 | 2.0 | 2.0 | |||||||
Number of shares issuable upon vesting and exercise of Stock Options | 0.7 | 0.7 | 0.6 | 0.6 | |||||||
Number of shares issuable upon vesting of granted Equity Awards | 5.0 | 5.3 | 4.1 | 4.0 | |||||||
Net impact of pending Series B Convertible Preferred Stock actions | — | — | — | (4.2 | ) | ||||||
Adjusted common shares outstanding | 299.9 | 300.2 | 298.6 | 282.3 |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
(amounts in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net loss attributable to common stockholders | $ | (141.5 | ) | $ | (1.8 | ) | $ | (296.2 | ) | $ | (40.8 | ) | ||||
Add (subtract): | ||||||||||||||||
Gain on amendment of Series B Convertible Preferred Stock | (10) | — | — | — | (32.9 | ) | ||||||||||
Net (loss) income attributable to the non-controlling interests | (4.2 | ) | 1.7 | 0.6 | (3.0 | ) | ||||||||||
Income tax (benefit) expense | (60.7 | ) | (37.1 | ) | 6.6 | 28.6 | ||||||||||
Interest expense, net | 81.6 | 86.0 | 341.6 | 375.7 | ||||||||||||
Depreciation expense | 19.9 | 19.2 | 78.3 | 75.0 | ||||||||||||
Amortization expense | 68.9 | 68.2 | 275.9 | 267.3 | ||||||||||||
EBITDA | (36.0 | ) | 136.2 | 406.8 | 669.9 | |||||||||||
Adjustments to reconcile to Adjusted EBITDA: | ||||||||||||||||
Restructuring expense | (2) | 9.8 | 11.6 | 30.8 | 31.1 | |||||||||||
Amortization of inventory step-up | (3) | — | — | — | 11.7 | |||||||||||
Acquisition and integration costs | (4) | 0.3 | 6.0 | 4.8 | 33.4 | |||||||||||
Non-cash change in fair value of contingent consideration | (5) | 0.2 | 0.8 | 3.4 | 5.1 | |||||||||||
Legal settlements | (6) | (0.2 | ) | — | (10.8 | ) | (2.8 | ) | ||||||||
Foreign exchange (gain) loss on foreign denominated external and internal long-term debt | (7) | 7.1 | (24.8 | ) | 102.5 | 33.9 | ||||||||||
Debt refinancing costs | (8) | 68.5 | 19.7 | 83.2 | 19.7 | |||||||||||
Goodwill impairment | (9) | 160.0 | 46.6 | 160.0 | 46.6 | |||||||||||
Gain on settlement agreement related to Series B Convertible Preferred Stock | (10) | — | — | — | (103.0 | ) | ||||||||||
Non-cash change in fair value of preferred stock redemption liability | (10) | — | 11.0 | — | 5.0 | |||||||||||
Costs related to Proposed Separation | (11) | 2.9 | — | 12.1 | — | |||||||||||
Pension plan settlement and curtailment | (12) | 10.5 | 1.8 | 10.5 | 1.8 | |||||||||||
Other, net | (13) | 2.9 | 9.2 | 17.6 | 17.1 | |||||||||||
Adjusted EBITDA | $ | 226.0 | $ | 218.1 | $ | 820.9 | $ | 769.5 |
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